TIDMEDGC
RNS Number : 6211U
Edge Performance VCT PLC
19 October 2010
Highlights
-- The net asset value total return of the C share fund has been
relatively stable over the period and is 88.99p as at 31 August.
The Company has declared a further dividend of 7p which will be
paid in November 2010 bringing the total distribution per C share
to 21p.
-- The D share fund made a number of investments and will be
fully invested within the VCT rules timetable. Net asset value
total return per share was 92.44p. The company has declared a
dividend of 7p per D share, with payment to be made to shareholders
in November 2010, bringing the total distribution per D share to
14p.
-- The E share fund made a number of investments and will be
fully invested within the VCT rules timetable. Net asset value
total return was 91.49p. The Company has declared a maiden dividend
of 7p per E share with payment to be made to shareholders in
November 2010.
-- The F share offer has now closed, having raised in excess of
GBP29m. Significant investment opportunities have been identified
which would result in a high proportion of the fund being invested
and the managers are confident that the fund will be fully invested
in due course.
-- For the D, E and F share pools, deal flow continues to remain
strong, and it is anticipated that full investment status for the
D, E and F share funds will be attained before the end of the
required period under VCT rules.
-- The Company is proposing to undertake a further fundraising,
an extraordinary general meeting is being convened for 24 November
2010, at which shareholders will be asked to approve the issue of a
new class of share, G ordinary shares, through a new offer for
subscription.
18 October 2010
Further information may be obtained from:
David Glick, Edge Investment Management 0207 317 1317
Alasdair George, Edge Investment Management 0207 317 1315
Steve Redmond 07770 924720
Edge Performance VCT plc
Half-Yearly Report
For the six months ended 31 August 2010
Financial Highlights
31 August 28 February 31 August
Period ended 2010 2010 2009
----------------------------------- ---------- ------------ ----------
Net assets GBP'000:
----------------------------------- ---------- ------------ ----------
Ordinary Share n/a n/a 16
----------------------------------- ---------- ------------ ----------
C Share 9,995 10,102 10,595
----------------------------------- ---------- ------------ ----------
D Share 16,429 16,431 17,919
----------------------------------- ---------- ------------ ----------
E Share 8,979 8,998 9,128
----------------------------------- ---------- ------------ ----------
F Share 27,679 n/a n/a
----------------------------------- ---------- ------------ ----------
Net asset value per share, p:
----------------------------------- ---------- ------------ ----------
Ordinary Share n/a n/a 0.25
----------------------------------- ---------- ------------ ----------
C Share 74.99 75.80 79.49
----------------------------------- ---------- ------------ ----------
D Share 85.44 85.45 93.19
----------------------------------- ---------- ------------ ----------
E Share 91.49 91.68 93.01
----------------------------------- ---------- ------------ ----------
F Share 93.48 n/a n/a
----------------------------------- ---------- ------------ ----------
Dividends already paid in respect
of the period, p:
----------------------------------- ---------- ------------ ----------
Ordinary Share n/a - -
----------------------------------- ---------- ------------ ----------
C Share - 7.00 -
----------------------------------- ---------- ------------ ----------
D Share - 7.00 -
----------------------------------- ---------- ------------ ----------
E Share - 7.00 -
----------------------------------- ---------- ------------ ----------
F Share - - -
----------------------------------- ---------- ------------ ----------
Net asset value total return per
share, p:
----------------------------------- ---------- ------------ ----------
Ordinary Share n/a 85.00 85.05
----------------------------------- ---------- ------------ ----------
C Share 88.99 89.80 93.49
----------------------------------- ---------- ------------ ----------
D Share 92.44 92.45 93.19
----------------------------------- ---------- ------------ ----------
E Share 91.49 91.68 93.01
----------------------------------- ---------- ------------ ----------
F Share 93.48 - -
----------------------------------- ---------- ------------ ----------
Dividends declared in respect of
the period, p:
----------------------------------- ---------- ------------ ----------
Ordinary Share n/a 0.20 0.20
----------------------------------- ---------- ------------ ----------
C Share - 7.00 -
----------------------------------- ---------- ------------ ----------
D Share - 7.00 -
----------------------------------- ---------- ------------ ----------
E Share - 7.00 -
----------------------------------- ---------- ------------ ----------
F Share - - -
----------------------------------- ---------- ------------ ----------
Share price at end of period, p:
----------------------------------- ---------- ------------ ----------
Ordinary Share n/a n/a 12.00
----------------------------------- ---------- ------------ ----------
C Share 71.5 71.5 90.00
----------------------------------- ---------- ------------ ----------
D Share 77.5 77.5 100.00
----------------------------------- ---------- ------------ ----------
E Share 85.0 85.0 100.00
----------------------------------- ---------- ------------ ----------
F Share 100.0 - -
----------------------------------- ---------- ------------ ----------
Chairman's Statement
Background
Edge Performance offers investors the opportunity to invest in
the entertainment industry and to take advantage of VCT tax reliefs
whilst combining:
-- high targeted returns
-- downside risk protection
-- liquidity
Period Highlights
The six months ended 31 August 2010 have seen a number of
important developments for the Company:
-- The Company's F Share offer closed in June 2010, having
raised in excess of GBP29 million
-- The Company has completed new investments, totalling more
than GBP5.4 million
-- The Company has committed to making, or has the benefit of
options to make, further investments which, once completed, will
mean that the Company's D and E Share pools have met the
requirement of full investment under VCT rules ahead of the key
qualifying dates
-- Specific investment opportunities have been identified which
would result in a significant proportion of the F Share pool being
invested
-- The Company has declared further dividends of 7p per C Share
and 7p per D Share, to be paid in November 2010, which will bring
the total dividends per C Share and D Share to 21p and 14p
respectively
-- The Company has also now declared a maiden dividend of 7p per
E share again with payment to be made in November 2010
-- The Company is now proposing to undertake further
fund-raising, through a G share offer
Fundraising and Performance
The Board was very pleased with the success of the F Share
offer, which greatly enhances the Company's capacity to take
advantage of the current favourable investment climate.
This success has encouraged the Board to approve the G Share
offer, as referred to below.
The net asset value total return of each of the Company's four
share classes has remained comparatively stable during the period,
despite the continuing low levels of return from cash and other
non-qualifying investments.
The Board is also satisfied with the value of the Company's
qualifying investments remaining strong, in the face of ongoing
economic uncertainties. Further details are given in the Investment
Manager's review on pages 4 and 5.
It is also noteworthy that the Company enjoys one of the lowest
levels of running costs in the VCT sector. Edge has taken the
pioneering approach to raising new funds each year through a
separate share class, rather than through sister VCTs, so that the
running costs of the Company can be spread across each of the share
classes, and the low level of the Company's total expense ratio
clearly vindicates this business model.
Dividends
With the declaration of further dividends to the C and D
Shareholders, and of the maiden dividend to E Shareholders, the
Company is demonstrating its ongoing commitment to distributing an
annual income stream to shareholders.
Dealflow
The Investment Manager has reported a significant increase in
the period in the quality and volume of dealflow. In the period,
the Company completed five new investments to a total value of
GBP5.4 million and secured the benefit of contractual options to
invest up to a further GBP4 million. Additionally, specific further
investments to which the Company has committed, or which the
Manager has identified and is in the course of progressing, mean
that it is anticipated that full investment status for the D, E and
F Share funds will be attained significantly before the end of the
required period under VCT rules.
Proposed G Share offer
Encouraged by the continuing quality and level of investment
opportunities being seen by the Manager, the Board has decided that
it would be in the best interests of the Company's shareholders to
seek to raise more funds. To this end, an extraordinary general
meeting is being convened for 24 November 2010, at which
shareholders will be asked to approve the issue of a new class of
share, G ordinary shares, through a new offer for subscription.
I would like to take this opportunity to thank you for your
continued support.
Sir Robin Miller
Chairman
18 October 2010
Investment Manager's Review
Investment Overview
The Company currently has four separate investment pools under
management - the C Share, D Share, E Share and F Share pools - each
of which is managed separately.
For each share pool, a blended investment strategy is being
applied, entailing not only investments alongside established
counter-parties offering contractually guaranteed minimum returns
of between 80% and 90% of the amount invested by the Company, but
also other investments where the potential for significantly
greater returns justifies a lower level of capital protection. This
strategy is intended to achieve a targeted return to shareholders
of 130p for every 70p invested (assuming income tax relief at 30%,
equivalent to a return of 160p per 100p invested), whilst at the
same time providing a targeted underpinned return of the
shareholder's net cost of investment of 70p per Share (assuming
income tax relief at 30%).
VCT Qualifying Investments
The C Share pool has already met the target of full investment
as required by VCT legislation. The Company has the benefit of
contractual options to make further investments and has committed
to making a number of additional new investments; these investments
together will mean that the D and E Share Funds will be fully
invested, as required by VCT legislation, within the coming months.
Furthermore, the Company has identified sufficient suitable
specific investment opportunities which, when concluded, will mean
that the F Share will similarly have met the requirement of full
investment, well in advance of the time required by VCT
regulations.
During the period, the Company invested GBP5,440,000 in five
investments. All these investments have been retained at cost in
accordance with the IPEVC guidelines and the Company's accounting
policies.
Of the total investments noted above, some GBP3 million has been
invested in businesses which will pursue the promotion of live
events, a core focus of the VCT. Across the entire portfolio,
promotional activity has continued to include high quality tours
and concerts.
In August 2010, Global Dawn raised additional capital from the
Company and other third party investors, and in the same
transaction acquired a majority holding of the share capital of
Enrich Social Productions. Global Dawn's trade is the creation of
technology platforms and formats which enable businesses (such as
Tesco) to connect with consumers, using content, gaming and social
media. The first platform to be commercialised was an online talent
contest branded as 1click2fame (1c2f); in its short life to date,
this platform has already created good traction with consumers and
talent. 1c2f has identified several talented performers who have
received high levels of visitors to their promotional sites and are
in negotiation with distributors for their creative output. 1c2f
has arrangements with this emerging talent to benefit from the
development of their music careers. The pricing of the new share
issue was in excess of the cost of the Company's existing holding
and there is expected to be a further round of investment in the
coming six months. Due to the close proximity of the equity
transaction to the period end, the Manager has recommended that the
investment remain valued at cost at least until the following round
of funding.
As at the period end, the value of the Company's VCT qualifying
investments stood at GBP16.38 million, as shown on page 6. This
represents a reduction of 1% from the prior year end due in the
main to a reduction in net assets as initial costs have been
running ahead of profits from promotional activity.
In the case of Coolabi plc, the AIM based investment, the
valuation at bid price is 10% below the prior year end value,
despite the company performing in line with expectations. This
market movement reflects the illiquidity of the AIM Market and has
enabled the Company to increase its investment, at the reduced
price, after the period end.
Non-Qualifying Investments
Up to 30% of each of the C Share, D Share, E Share and F Share
pools will remain in a range of fixed income securities, cash and
cash equivalent assets, offering a high degree of capital
preservation. Sums raised through share offers are invested in such
assets pending investment in VCT-qualifying investments.
The non qualifying portfolio is managed in conjunction with
Rothschild, UBS, JP Morgan and Heartwood. As at the end of the
period, the total value of the Company's non-qualifying investments
was GBP43.87 million.
The portfolio of non qualifying investments has performed well
providing an average overall annualised return in the period of
3.85%. The returns from the element of the D Share portfolio have
been enhanced through a long term inflation linked note from Morgan
Stanley, whilst the returns from the C Share element of the
portfolio are lower due to the need for a higher level of liquidity
as this class of shares reaches its expected maturity.
Fundraising
The Company's offer for subscription for F Shares opened in
November 2009. By the close of the offer in June 2010, applications
for a total of 29.6 million F Shares had been received.
Outlook
During the period, the Manager reviewed a large number of
investment opportunities in a number of different entertainment
businesses, encompassing opportunities in recorded music, music
publishing, radio, television, social networking, festivals,
exhibitions, gaming, sports events, digital services, literary
properties and character merchandising amongst others.
The period has seen a heightened level of activity in
identifying specific suitable opportunities, and in negotiating
investment terms for the Company in relation to those
opportunities, as can be evidenced by the targeted attainment of
achieving full investment mentioned above.
Even beyond that, however, deal flow continues to be strong,
with many approaches made to the Manager for good quality
investment opportunities in the wider entertainment sector. Coupled
with that, continued use is made of the Manager's and the Board's
extensive network of contacts to seek out other investment
opportunities. Moreover, the continuing reduced levels of funding
generally available to businesses through borrowing means that the
quality of the investment opportunities and terms of investment
which the Company is able to seek have become and will remain
increasingly attractive. The Manager therefore believes that there
will be a good range of suitable investment opportunities for funds
raised through the Company's forthcoming G Share offer.
Investment Portfolio Summary
as at 31 August 2010
C Share Portfolio
------------------------------------------------------------------------------
As at 31 August As at 28 February
2010 2010
------------- ----------------------------- --------------------------------
% of
net % of
assets net
Cost Valuation by Cost Valuation assets
GBP'000 GBP'000 value GBP'000 GBP'000 by value
-------- ---------- ------- -------- ---------- ----------
Qualifying investments
------------------------------------------------------------------------------
M K
Ultrasound 2,008 1,912 19.1 2,008 1,868 18.5
------------- -------- ---------- ------- -------- ---------- ----------
Saravid
Promotions 2,007 1,497 15.0 2,007 1,499 14.8
------------- -------- ---------- ------- -------- ---------- ----------
Enrich
Social
Productions - - - 752 750 7.4
------------- -------- ---------- ------- -------- ---------- ----------
B & W Events 1,004 1,000 10.0 1,004 1,000 9.9
------------- -------- ---------- ------- -------- ---------- ----------
Coolabi 250 188 1.9 250 211 2.1
------------- -------- ---------- ------- -------- ---------- ----------
TRP 2009 1,000 1,000 10.0 1,000 1,000 9.9
------------- -------- ---------- ------- -------- ---------- ----------
Global Dawn 1,472 1,472 14.7 - - -
------------- -------- ---------- ------- -------- ---------- ----------
Total
qualifying
investments 7,741 7,069 70.7 7,021 6,328 62.6
------------- -------- ---------- ------- -------- ---------- ----------
Total fixed
asset
investments 7,741 7,069 70.7 7,021 6,328 62.6
------------- -------- ---------- ------- -------- ---------- ----------
Net current
assets 2,926 29.3 3,775 37.4
------------- -------- ---------- ------- -------- ---------- ----------
Net assets 9,995 100.0 10,103 100.0
------------- -------- ---------- ------- -------- ---------- ----------
D Share Portfolio
--------------------------------------------------------------------------------
As at 31 August 2010 As at 28 February 2010
--------------- ----------------------------- --------------------------------
% of
net % of
assets net
Cost Valuation by Cost Valuation assets
GBP'000 GBP'000 value GBP'000 GBP'000 by value
-------- ---------- ------- -------- ---------- ----------
Qualifying investments
--------------------------------------------------------------------------------
Enrich Social
Productions - - - 752 750 4.5
--------------- -------- ---------- ------- -------- ---------- ----------
Challi
Productions 2,000 1,924 11.7 2,000 2,000 12.05
--------------- -------- ---------- ------- -------- ---------- ----------
HTM Promotions 2,000 1,917 11.7 2,000 2,000 12.05
--------------- -------- ---------- ------- -------- ---------- ----------
Global Dawn 1,472 1,472 8.9 - - -
--------------- -------- ---------- ------- -------- ---------- ----------
Granon
Entertainment 1,000 1,000 6.1 - - -
--------------- -------- ---------- ------- -------- ---------- ----------
North
Promotions 1,000 1,000 6.1 - - -
--------------- -------- ---------- ------- -------- ---------- ----------
South
Productions 1,000 1,000 6.1 - - -
--------------- -------- ---------- ------- -------- ---------- ----------
Rose
Productions 1,000 1,000 6.1 - - -
--------------- -------- ---------- ------- -------- ---------- ----------
Total
qualifying
investments 9,472 9,313 56.7 4,752 4,750 28.6
--------------- -------- ---------- ------- -------- ---------- ----------
Total fixed
asset
investments 9,472 9,313 56.7 4,752 4,750 28.6
--------------- -------- ---------- ------- -------- ---------- ----------
Net current
assets 7,116 43.3 11,854 71.4
--------------- -------- ---------- ------- -------- ---------- ----------
Net assets 16,429 100.0 16,604 100.0
--------------- -------- ---------- ------- -------- ---------- ----------
E Share Portfolio
-------------------------------------------------------------------------------
As at 31 August 2010 As at 28 February 2010
------------- ------------------------------ --------------------------------
% of
net % of
assets net
Cost Valuation by Cost Valuation assets
GBP'000 GBP'000 value GBP'000 GBP'000 by value
--------- ---------- ------- -------- ---------- ----------
Qualifying
investments - - - - - -
------------- --------- ---------- ------- -------- ---------- ----------
Total
qualifying
investments - - - - - -
------------- --------- ---------- ------- -------- ---------- ----------
Total fixed
asset
investments - - - - - -
------------- --------- ---------- ------- -------- ---------- ----------
Net current
assets 8,979 100.0 8,993 100.0
------------------------ ---------- ------- -------- ---------- ----------
Net assets 8,979 100.0 8,993 100.0
------------------------ ---------- ------- -------- ---------- ----------
F Share Portfolio
-------------------------------------------------------------------------------
As at 31 August 2010 As at 28 February 2010
------------- ------------------------------ --------------------------------
% of
net % of
assets net
Cost Valuation by Cost Valuation assets
GBP'000 GBP'000 value GBP'000 GBP'000 by value
------------- --------- ---------- ------- -------- ---------- ----------
Qualifying
investments - - - - - -
------------- --------- ---------- ------- -------- ---------- ----------
Total
qualifying
investments - - - - - -
------------- --------- ---------- ------- -------- ---------- ----------
Total fixed
asset
investments - - - - - -
------------- --------- ---------- ------- -------- ---------- ----------
Net current
assets 27,679 100.0 - - -
------------------------ ---------- ------- -------- ---------- ----------
Net assets 27,679 100.0 - - -
------------------------ ---------- ------- -------- ---------- ----------
Responsibility Statement of the Directors in respect
of the Half-Yearly Financial Report
We confirm that to the best of our knowledge:
-- The condensed set of financial statements has been prepared
in accordance with the Statement "Half-yearly financial reports"
issued by the UK Accounting Standards Board
-- The Chairman's Statement (constituting the interim management
report) includes a fair review of the information required by DTR
4.2.7R of the "Disclosure and Transparency Rules", being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements
-- The "Statement of Principal Risks and Uncertainties" on page
9 is a fair review of the information required by DTR 4.2.7R, being
a description of the principal risks and uncertainties for the
remaining six months of the year
-- The financial statements include a fair review of the
information required by DTR 4.2.8R of the "Disclosure and
Transparency Rules", being related party transactions that have
taken place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the entity during that period; and any changes in
the related party transactions described in the last annual report
that could do so.
By Order of the Board
The City Partnership (UK) Limited
Company Secretary
18 October 2010
Statement of Principal Risks and Uncertainties
The Company's assets consist of equities and fixed interest
investments, cash and liquid resources. Its principal risks are
therefore market risk interest rate risk, credit risk and liquidity
risk. Other risks faced by the Company include economic,
investment, financial and regulatory risks. These risks, and the
way in which they are managed, are described in more detail in the
Directors' report, the Statement of Corporate Governance and Note
18 to the Financial Statements in the Company's Annual Report &
Financial Statements for the year ended 28 February 2010. The
Company's principal risks and uncertainties have not changed
materially since the date of that report.
Related Parties
Edge Investment Management Limited ("Investment Manager") has
been appointed as the Company's investment manager and
administrator. The Investment Manager receives (a) an annual
investment management fee of 1.75% of the net asset value
attributable to the C shares, D shares, E shares and F shares, in
each case plus VAT (if applicable) and (b) a performance fee. The
Investment Manager also bears any excess of the total annual
operating expenses of the Company over a cap of 3.0% of the asset
value of the Company. These arrangements are described in more
detail in Note 3 to the Financial Statements in the Company's
Annual Report & Financial Statements for the year ended 28
February 2010. During the period the Company has incurred
investment management fees of GBP542,000 (exclusive of VAT), a
performance related incentive fee of GBPnil (exclusive of VAT), an
administration fee of GBP63,000 (exclusive of VAT) and an offer fee
of GBP1,425,000 (exclusive of VAT). The Investment Manager does not
owe the Company any payment in respect of the cap on the
Company's
annual running costs.
Income Statement (Unaudited)
for the six months ended 31 August 2010
Six months ended 31 Six months ended Year ended 28 February
Aug 2010 31 Aug 2009 2010
-------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
-------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Realised/
unrealised
gains on
investments - 181 181 - 147 147 - (98) (98)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income 525 - 525 95 - 95 156 - 156
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
manager's
fees (135) (407) (542) (88) (265) (353) (168) (502) (670)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other
expenses (245) - (245) (283) (117) (400) (477) (118) (595)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return on
ordinary
activities
before tax 145 (226) (81) (276) (235) (511) (489) (718) (1,207)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Taxation
on ordinary
activities (31) 31 - - - - - - -
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return
attributable
to equity
shareholders 114 (195) (81) (276) (235) (511) (489) (718) (1,207)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Transfer
to reserves 114 (195) (81) (276) (235) (511) (489) (718) (1,207)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
The total column of this statement represents the profit and
loss account of the Company. All revenue and capital items in the
above statement derive from continuing operations. The Company has
only one class of business and derives its income from investments
made in shares securities and bank deposits. The Company has no
gains and losses other than those recognised in the Income
Statement above and has not therefore prepared a separate statement
of total recognised gains and losses.
Non-Statutory Analysis (Unaudited) between the C, D, E and F
Share Funds
Income Statement
for the six months ended 31 August 2010
C share fund D share fund E share fund F share fund
-------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total Revenue Capital Total
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Realised/
unrealised
gains on
investments - 20 20 - (14) (14) - 74 74 - 101 101
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income 4 - 4 238 - 238 27 - 27 256 - 256
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
manager's
fees (22) (67) (89) (36) (109) (145) (19) (60) (79) (57) (171) (228)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other
expenses (44) - (44) (78) - (78) (42) - (42) (82) - (82)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return on
ordinary
activities
before tax (62) (47) (109) 124 (123) 1 (34) 14 (20) 117 (70) 47
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Taxation
on ordinary
activities 13 (11) 2 (26) 23 (3) 7 (6) 1 (25) 25 -
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return
attributable
to equity
shareholders (49) (58) (107) 98 (100) (2) (27) 8 (19) 92 (45) 47
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Transfer
to reserves (49) (58) (107) 98 (100) (2) (27) 8 (19) 92 (45) 47
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return per
share, p (0.37) (0.44) (0.81) 0.51 (0.52) (0.01) (0.28) 0.08 (0.20) 0.35 (0.17) 0.18
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Non-Statutory Analysis (Unaudited) between the Ordinary, C, D
and E Share Funds
Income Statement
for the six months ended 31 August 2009
Ordinary share
fund C share fund D share fund E share fund
--------------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total Revenue Capital Total
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Realised/unrealised
gains on
investments - (58) (58) - 190 190 - 11 11 - 4 4
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income 5 - 5 44 - 44 40 - 40 6 - 6
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
manager's
fees (7) (23) (30) (23) (69) (92) (40) (119) (159) (18) (54) (72)
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other expenses (53) (117) (170) (51) - (51) (138) - (138) (41) - (41)
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return on
ordinary
activities
before tax (55) (198) (253) (30) 121 91 (138) (108) (246) (53) (50) (103)
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Taxation
on ordinary
activities - - - - - - - - - - - -
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to equity
shareholders (55) (198) (253) (30) 121 91 (138) (108) (246) (53) (50) (103)
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Transfer
to reserves (55) (198) (253) (30) 121 91 (138) (108) (246) (53) (50) (103)
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return per
share, p (0.85) (3.10) (3.95) (0.23) 0.91 0.68 (0.72) (0.56) (1.28) (0.61) (0.56) (1.17)
--------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Non-Statutory Analysis (Unaudited) between the Ordinary, C, D
and E Share Funds
Income Statement
for the six months ended 28 February 2010
Ordinary share
fund C share fund D share fund E share fund
-------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total Revenue Capital Total
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Realised/
unrealised
gains on
investments - (58) (58) - (178) (178) - 84 84 - 54 54
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income 5 - 5 60 - 60 73 - 73 18 - 18
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
manager's
fees (7) (21) (28) (45) (136) (181) (79) (237) (316) (37) (108) (145)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other
expenses (55) (118) (173) (102) - (102) (229) - (229) (91) - (91)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return
on ordinary
activities
before
tax (57) (197) (254) (87) (314) (401) (235) (153) (388) (110) (54) (164)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Tax on
ordinary
activities - - - - - - - - - - - -
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return
attributable
to equity
shareholders (57) (197) (254) (87) (314) (401) (235) (153) (388) (110) (54) (164)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Transfer
to reserves (57) (197) (254) (87) (314) (401) (235) (153) (388) (110) (54) (164)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return
per share,
p (0.90) (3.08) (3.98) (0.65) (2.36) (3.01) (1.23) (0.79) (2.02) (1.24) (0.62) (1.86)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Balance Sheet (Unaudited)
as at 31 August 2010
As at As at As at
31 August 31 August 28 February
2010 2009 2010
GBP'000 GBP'000 GBP'000
---------------------------------- ----------- ----------- -------------
Fixed assets
---------------------------------- ----------- ----------- -------------
Investments 16,382 6,200 11,078
---------------------------------- ----------- ----------- -------------
Current assets
---------------------------------- ----------- ----------- -------------
Debtors 1,488 713 157
---------------------------------- ----------- ----------- -------------
Corporate bond & other liquidity
funds 43,874 31,370 23,744
---------------------------------- ----------- ----------- -------------
Cash at bank 1,480 489 793
---------------------------------- ----------- ----------- -------------
46,842 32,572 24,694
---------------------------------- ----------- ----------- -------------
Creditors: amounts falling due
within one year (142) (1,114) (241)
---------------------------------- ----------- ----------- -------------
Net current assets 46,700 31,458 24,453
---------------------------------- ----------- ----------- -------------
Net assets 63,082 37,658 35,531
---------------------------------- ----------- ----------- -------------
Capital and reserves
---------------------------------- ----------- ----------- -------------
Called up share capital 7,198 4,877 4,237
---------------------------------- ----------- ----------- -------------
Share premium account 24,716 8,294 45
---------------------------------- ----------- ----------- -------------
Special reserve 32,855 25,893 32,855
---------------------------------- ----------- ----------- -------------
Capital reserve - realised (1,095) (2,125) (1,194)
---------------------------------- ----------- ----------- -------------
Capital reserve - unrealised (341) 827 (47)
---------------------------------- ----------- ----------- -------------
Revenue reserve (251) (108) (365)
---------------------------------- ----------- ----------- -------------
Equity shareholders' funds 63,082 37,658 35,531
---------------------------------- ----------- ----------- -------------
Non-Statutory Analysis (Unaudited) between the C, D, E and F
Share Funds
Balance Sheet
as at 31 August 2010
C D E F
share share share share
fund fund fund fund
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- --------- --------- ---------
Fixed assets
---------------------------------- --------- --------- --------- ---------
Investments 7,069 9,313 - -
---------------------------------- --------- --------- --------- ---------
Current assets
---------------------------------- --------- --------- --------- ---------
Debtors 152 266 234 884
---------------------------------- --------- --------- --------- ---------
Corporate bond & other liquidity
funds 3,020 9,666 6,232 24,956
---------------------------------- --------- --------- --------- ---------
Cash at bank (191) (2,763) 2,557 1,877
---------------------------------- --------- --------- --------- ---------
2,981 7,169 9,023 27,717
---------------------------------- --------- --------- --------- ---------
Creditors: amounts falling
due within one year (55) (53) (44) (38)
---------------------------------- --------- --------- --------- ---------
Net current assets 2,926 7,116 8,979 27,679
---------------------------------- --------- --------- --------- ---------
Net assets 9,995 16,429 8,979 27,679
---------------------------------- --------- --------- --------- ---------
Capital and reserves
---------------------------------- --------- --------- --------- ---------
Called up share capital 1,333 1,923 981 2,961
---------------------------------- --------- --------- --------- ---------
Share premium account - 45 - 24,671
---------------------------------- --------- --------- --------- ---------
Special reserve 9,834 14,841 8,180 -
---------------------------------- --------- --------- --------- ---------
Capital reserve - realised (883) (111) (35) (66)
---------------------------------- --------- --------- --------- ---------
Capital reserve - unrealised (181) (170) (11) 21
---------------------------------- --------- --------- --------- ---------
Revenue reserve (108) (99) (136) 92
---------------------------------- --------- --------- --------- ---------
Equity shareholders' funds 9,995 16,429 8,979 27,679
---------------------------------- --------- --------- --------- ---------
Net asset value per share,
p 74.99 85.44 91.49 93.48
---------------------------------- --------- --------- --------- ---------
Non-Statutory Analysis (Unaudited) between the Ordinary, C, D
and E Share Funds
Balance Sheet
as at 31 August 2009
Ordinary C D E
share share share share
fund fund fund fund
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- --------- --------- ---------
Fixed assets
---------------------------------- --------- --------- --------- ---------
Investments - 3,450 2,750 -
---------------------------------- --------- --------- --------- ---------
Current assets
---------------------------------- --------- --------- --------- ---------
Debtors 44 189 1,272 225
---------------------------------- --------- --------- --------- ---------
Corporate bond & other liquidity
funds - 7,600 15,164 8,606
---------------------------------- --------- --------- --------- ---------
Cash at bank 10 1,337 (1,184) 326
---------------------------------- --------- --------- --------- ---------
Creditors: amounts falling due
within one year (38) (1,981) (83) (29)
---------------------------------- --------- --------- --------- ---------
Net current assets 16 7,145 15,169 9,128
---------------------------------- --------- --------- --------- ---------
Net assets 16 10,595 17,919 9,128
---------------------------------- --------- --------- --------- ---------
Capital and reserves
---------------------------------- --------- --------- --------- ---------
Called up share capital 640 1,333 1,923 981
---------------------------------- --------- --------- --------- ---------
Share premium account - - 45 8,249
---------------------------------- --------- --------- --------- ---------
Special reserve (71) 9,834 16,130 -
---------------------------------- --------- --------- --------- ---------
Capital reserve - realised (541) (1,400) (135) (49)
---------------------------------- --------- --------- --------- ---------
Capital reserve - unrealised (1) 830 (2) -
---------------------------------- --------- --------- --------- ---------
Revenue reserve (11) (2) (42) (53)
---------------------------------- --------- --------- --------- ---------
Equity shareholders' funds 16 10,595 17,919 9,128
---------------------------------- --------- --------- --------- ---------
Net asset value per share, p 0.25 79.49 93.19 93.01
---------------------------------- --------- --------- --------- ---------
Non-Statutory Analysis (Unaudited) between the Ordinary, C, D
and E Share Funds
Balance Sheet
as at 28 February 2010
Ordinary C D E
share share share share
fund fund fund fund
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- --------- --------- ---------
Fixed assets
---------------------------------- --------- --------- --------- ---------
Investments - 6,328 4,750 -
---------------------------------- --------- --------- --------- ---------
Current assets
---------------------------------- --------- --------- --------- ---------
Debtors 32 63 16 46
---------------------------------- --------- --------- --------- ---------
Corporate bond & other liquidity
funds - 3,416 13,905 6,423
---------------------------------- --------- --------- --------- ---------
Cash at bank (2) 369 (2,160) 2,586
---------------------------------- --------- --------- --------- ---------
Creditors: amounts falling due
within one year (30) (74) (80) (57)
---------------------------------- --------- --------- --------- ---------
Net current assets - 3,774 11,681 8,998
---------------------------------- --------- --------- --------- ---------
Net assets - 10,102 16,431 8,998
---------------------------------- --------- --------- --------- ---------
Capital and reserves
---------------------------------- --------- --------- --------- ---------
Called up share capital - 1,333 1,923 981
---------------------------------- --------- --------- --------- ---------
Share premium account - - 45 -
---------------------------------- --------- --------- --------- ---------
Special reserve - 9,834 14,841 8,180
---------------------------------- --------- --------- --------- ---------
Capital reserve - realised - (804) (283) (107)
---------------------------------- --------- --------- --------- ---------
Capital reserve - unrealised - (202) 102 53
---------------------------------- --------- --------- --------- ---------
Revenue reserve - (59) (197) (109)
---------------------------------- --------- --------- --------- ---------
Equity shareholders' funds - 10,102 16,431 8,998
---------------------------------- --------- --------- --------- ---------
Net asset value per share, p - 75.80p 85.45p 91.68p
---------------------------------- --------- --------- --------- ---------
Reconciliation of Movement in Shareholders' Funds
(Unaudited)
for the six months ended 31 August 2010
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2010 2009 2010
GBP'000 GBP'000 GBP'000
----------------------------------- ----------- ----------- -------------
Opening shareholders' funds 35,531 33,091 33,091
----------------------------------- ----------- ----------- -------------
Capital per share issue 29,240 9,716 9,716
----------------------------------- ----------- ----------- -------------
Expenses of issue (1,608) (490) (545)
----------------------------------- ----------- ----------- -------------
Expenses of share premium account
cancellation - - (10)
----------------------------------- ----------- ----------- -------------
Expenses of O share conversion
and cancellation - - (8)
----------------------------------- ----------- ----------- -------------
Return on ordinary activities
after tax (81) (511) (1,207)
----------------------------------- ----------- ----------- -------------
Dividends - (4,148) (5,506)
----------------------------------- ----------- ----------- -------------
Closing shareholders' funds 63,082 37,658 35,531
----------------------------------- ----------- ----------- -------------
Non-Statutory Analysis (Unaudited) between the C, D, E and F
Share Funds
Reconciliation of Movement in Shareholders' Funds
for the six months ended 31 August 2010
C D E F
share share share share
fund fund fund fund
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- --------- --------- --------
Opening shareholders'
funds 10,102 16,431 8,998 -
------------------------------- --------- --------- --------- --------
Share capital subscribed
for in the year - - - 29,240
------------------------------- --------- --------- --------- --------
Expenses of issue - - - (1,608)
------------------------------- --------- --------- --------- --------
Expenses of share premium
account cancellation - - - -
------------------------------- --------- --------- --------- --------
Return on ordinary activities
after tax (107) (2) (19) 47
------------------------------- --------- --------- --------- --------
Dividend - - - -
------------------------------- --------- --------- --------- --------
Closing shareholders'
funds 9,995 16,429 8,979 27,679
------------------------------- --------- --------- --------- --------
Non-Statutory Analysis (Unaudited) between the Ordinary, C, D
and E Share Funds
Reconciliation of Movement in Shareholders' Funds
for the six months ended 31 August 2009
Ordinary C D E
share share share share
fund fund fund fund
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- --------- --------- ---------
Opening shareholders' funds 4,422 10,504 18,165 -
---------------------------------- --------- --------- --------- ---------
Share capital subscribed for
in the year - - - 9,716
---------------------------------- --------- --------- --------- ---------
Expenses of issue - - - (485)
---------------------------------- --------- --------- --------- ---------
Expenses of share premium account
cancellation - - - -
---------------------------------- --------- --------- --------- ---------
Expenses of O share conversion
and cancellation (5) - - -
---------------------------------- --------- --------- --------- ---------
Return on ordinary activities
after tax (253) 91 (246) (103)
---------------------------------- --------- --------- --------- ---------
Dividend (4,148) - - -
---------------------------------- --------- --------- --------- ---------
Closing shareholders' funds 16 10,595 17,919 9,128
---------------------------------- --------- --------- --------- ---------
Non-Statutory Analysis (Unaudited) between the Ordinary, C, D
and E Share Funds
Reconciliation of Movement in Shareholders' Funds
(Unaudited)
for the year ended 28 February 2010
Ordinary C D E
share share share share
fund fund fund fund
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- --------- --------- ---------
Opening shareholders' funds 4,422 10,504 18,165 -
---------------------------------- --------- --------- --------- ---------
Share capital subscribed for
in the year - - - 9,716
---------------------------------- --------- --------- --------- ---------
Expenses of issue - - - (545)
---------------------------------- --------- --------- --------- ---------
Expenses of share premium account
cancellation - - - (10)
---------------------------------- --------- --------- --------- ---------
Expenses of O share conversion
and cancellation (8) - - -
---------------------------------- --------- --------- --------- ---------
Return on ordinary activities
after tax (254) (402) (388) (163)
---------------------------------- --------- --------- --------- ---------
Dividend (4,160) - (1,346) -
---------------------------------- --------- --------- --------- ---------
Closing shareholders' funds - 10,102 16,431 8,998
---------------------------------- --------- --------- --------- ---------
Cash Flow Statement (Unaudited)
for the year ended 31 August 2010
Period ended 31 Aug 2010 31 Aug 2009 28 Feb 2010
--------------------- -------------------- ------------------ ------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- -------- -------- -------- --------
Operating activities
--------------------- --------- --------- -------- -------- -------- --------
Investment income
received - 54 60
--------------------- --------- --------- -------- -------- -------- --------
Deposit and similar
interest received 5 1 1
--------------------- --------- --------- -------- -------- -------- --------
Other cash receipts
(VAT recovery) - - 92
--------------------- --------- --------- -------- -------- -------- --------
Investment manager's
fees paid (1,075) (797) (888)
--------------------- --------- --------- -------- -------- -------- --------
Administration and
company secretarial
fees paid (139) (144) (173)
--------------------- --------- --------- -------- -------- -------- --------
Cash paid to and on
behalf of
directors (44) (46) (85)
--------------------- --------- --------- -------- -------- -------- --------
Other cash payments (116) (69) (108)
--------------------- --------- --------- -------- -------- -------- --------
Net cash outflow
from
operating activities (1,369) (1,001) (1,101)
--------------------- --------- --------- -------- -------- -------- --------
Financial investment
--------------------- --------- --------- -------- -------- -------- --------
Purchase of unquoted
investments (319) (1,500) (6,776)
--------------------- --------- --------- -------- -------- -------- --------
Sale of unquoted
investments - 6,093 4,122
--------------------- --------- --------- -------- -------- -------- --------
Loans (775) - (347)
--------------------- --------- --------- -------- -------- -------- --------
Purchase of
liquidity funds (25,000) (8,600) (8,600)
--------------------- --------- --------- -------- -------- -------- --------
Sale of liquidity
funds 746 - 10,189
--------------------- --------- --------- -------- -------- -------- --------
Net cash outflow
from financial
Investment (25,348) (4,007) (1,412)
--------------------- --------- --------- -------- -------- -------- --------
Tax & dividends
--------------------- --------- --------- -------- -------- -------- --------
Tax - - -
--------------------- --------- --------- -------- -------- -------- --------
Equity dividends
paid - (4,596) (6,887)
--------------------- --------- --------- -------- -------- -------- --------
Net cash outflow
from tax &
dividends - (4,596) (6,887)
--------------------- --------- --------- -------- -------- -------- --------
Net cash outflow
before financing (26,717) (9,604) (9,400)
--------------------- --------- --------- -------- -------- -------- --------
Financing
--------------------- --------- --------- -------- -------- -------- --------
Cancellation of
share premium
accounts - - (10)
--------------------- --------- --------- -------- -------- -------- --------
Conversion and
cancellation of O
shares - - (2)
--------------------- --------- --------- -------- -------- -------- --------
New share issues 28,827 9,604 9,730
--------------------- --------- --------- -------- -------- -------- --------
Share issue expenses (1,425) (445) (459)
--------------------- --------- --------- -------- -------- -------- --------
Net cash inflow from
financing 27,402 9,159 9,259
--------------------- --------- --------- -------- -------- -------- --------
Increase/(decrease)
in cash 685 (445) (141)
--------------------- --------- --------- -------- -------- -------- --------
Notes to the Interim Financial Statements
1. Accounting Policies
The unaudited interim financial statements which cover the six
months ended 31 August 2010 have been prepared in accordance with
applicable accounting standards and adopting the accounting
policies set out in the statutory financial statements of the
Company for the year ended 28 February 2010.
2. Return per Share
The return per share has been calculated based on a weighted
average number of shares in issue for the six months ended 31
August 2010 of: C share fund - 13,328,599; D share fund -
19,228,838; E share fund - 9,813 732; and F share fund -
25,982,813. (31 August 2009: O share fund - 6 400,640; C share fund
- 13,328,599; D share fund - 19,228,838; and E share fund -
8,806,980. 28 February 2010: O share fund - 6,400,640; C share fund
- 13,328,599; D share fund - 19,228,838; E share fund - 8,806 980
and F share fund - n/a.)
3. Net Asset Value per Share
The net asset value per share has been calculated based on the
number of shares in issue as at 31 August 2010: C share fund -
13,328,599; D share fund - 19,228,838; E share fund - 9,813,732;
and F share fund 29 611,437. (31 August 2009: O share fund -
6,400,640; C share fund - 13 328,599; D share fund - 19,228,838;
and E share fund - 9,813,732. 28 February 2010: C share fund -
13,328,599; D share fund - 19,228,838, E share fund - 9,813,732;
and F share fund n/a.)
4. During the six months ended 31 August 2010 the Company did
not buy back any shares.
5. The financial information for the six months ended 31 August
2010 has not been audited and comprises non-statutory accounts as
defined in sections 434 to 436 of the Companies Act 2006. The
statutory accounts for the year ended 28 February 2010 were
unqualified. No statutory accounts in respect of any period after
28 February 2010 have been reported on by the Company's auditors or
delivered to the Register of Companies.
6. Printed copies of this Half-Yearly Report will shortly be
mailed to shareholders and will be available to the public at the
Company's registered office. A copy is now available on the
Company's website - www.edge.uk.com/edgeperformancevct.
Corporate Information
Directors
Sir Robin Miller (Chairman) all of
Michael Eaton 1 Marylebone High Street
David Glick London W1U 4LZ
Julian Paul FCA which is the registered office of the
Company
Frank Presland
Investment Manager Edge Investment Management Limited
1 Marylebone High Street
London W1U 4LZ
Company Secretary The City Partnership (UK) Limited
Thistle House
21 Thistle Street
Edinburgh EH2 1DF
Promoter RAM Capital Partners LLP
74 Chancery Lane
London WC2A 1AD
Taxation Advisers PricewaterhouseCoopers LLP
1 Embankment Place
London WC2N 6RH
Auditors Scott-Moncrieff
Chartered Accountants
Exchange Place 3
Edinburgh EH3 8BL
Bankers HSBC Private Bank (UK) Limited
78 St. James's Street
London SW1A 1JB
Receiving Agent & Registrar The City Partnership (UK)
Limited
Thistle House
21 Thistle Street
Edinburgh EH2 1DF
Registered number 05558025
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGWPUUPUGUB
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